A BIS working paper tested the XRP Ledger as a proof-of-concept for verifying official statistics on-chain. Here's what it found.
- The Bank for International Settlements (BIS) has tested the XRP Ledger (XRPL) as a proof-of-concept to anchor official statistics on-chain.
- The system hashes datasets and records summary values on the XRPL, allowing for independent verification of data origin and integrity without altering existing dissemination systems.
- The test highlighted XRPL's low transaction costs, fast finality, and suitability for anchoring data, though it remains an experimental proof-of-concept.
Topics: Jurisdictions, Blockchain usage, Infrastructure providers, Regulatory sandboxes pilots, Non evm chains, Tokenization platforms
Tags: #bis #xrpledger #officialstatistics #onchainverification #proofofconcept #sdmxstandard #merkleroot #xrplpaymenttransaction #canonicalxml #sha3512